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Latin America Oil Supply - December 2016

Source: OPEC 1/4/2017, Location: South America

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Brazil’s liquids supply is expected to average 3.14 mb/d in 2016, an increase of 0.08 mb/d over the previous year. Preliminary crude oil production shows a decrease of 50 tb/d, m-o-m in October to average 2.6 mb/d, based on Petrobas’ trend. This was due to maintenance on different platforms and one FPSO in the Lula field. It is expected that the FPSO Cidade de Caraguatatuba will start-up in December before remarkable new capacity scheduled to start-up next year will boost the reservoir’s presalt output.

As of 2017, Brazil’s Petrobras will begin seeking offers for the construction of seven new offshore oil platforms envisioned in its current investment plans. Oil production is expected to increase by 0.25 mb/d to average 3.40 mb/d when these projects materialize next year. Petrobras is seeking to ramp up production as part of a five-year, $74.1 billion capital spending plan announced in late September. It slashed investments from a prior plan by 25%, seeking to refocus on core operations.

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